- Mark J Galea
- Feb 22, 2017
- Business, Business Strategy, Growing Your Business, Management, Organisational Performance, Payroll, People Management, Performance Improvement, Quad Malta, Set-up
- 0 Comments
Many employers are outsourcing their payroll service to third parties, and here are some of the reasons why:
Free up time – Payroll computation is a time-consuming process. Outsourcing payroll can free up staff time to pursue more important value-added and revenue-generating activities, thus boosting productivity.
Reduce costs and boost productivity – In addition to the Payroll Administrator’s salary, as an employer you need to pay NI contributions; statutory bonuses and other entitlements; leave and sick leave (over 1 month of unproductive hours paid to an employee). The direct costs of processing payroll can be greatly reduced by outsourcing this function. In addition to enjoying great savings on the cost of employment, you will save the opportunity cost (not to mention once again the lack of productivity) spent on time dedicated to hiring any possible replacements for long absences and backfills. When, you also factor in other expenses related to the investment and maintenance of hardware and software (yearly updates, license renewals, maintenance agreements etc), you will realise that the saving you make by outsourcing payroll is actually much bigger.
Ensure confidentiality – By outsourcing this function, you are reducing the number of people within your company who are privy to information related to pay packages, pay rises, and other information that can easily be leaked to other parties within the company.
Ensure continuity – If your Payroll Administrator falls ill, or needs to take leave around the end of the month, the timely issuance of employee’s pays and salaries will disrupt other operations (it’s usually Finance that takes the hit). Pays and salaries need to go out on time in order not to demoralise your employees. When outsourcing your payroll function, you are protecting your business from these risks.
Alleviate the pain – In-house payroll is a headache at best and a nightmare at worst. By outsourcing this function, you will eliminate a tiresome source of regular pain.
Avoid technology headaches – A constant question is whether they have the latest version of their payroll software and the most recent tax and NI bands installed on their computer. Using the wrong tax computations will result in penalties and big employee dissatisfaction.
Leverage outside payroll expertise – Most business professionals tend to be so focussed on meeting targets set by ambitious budgets, that they tend to overlook constantly changing regulations (both statutory and those issued by the EU), yearly changes in NI categories, and frequent changes in tax bands.
Losing the Payroll Administrator – If your Payroll Administrator gets a new job, you will have to spend considerable time and money looking for a resource that is getting scarcer due to a number of different reasons. Consequently, salaries for Payroll Administrators are shooting up. Using an outside service eliminates that business risk.
- Mark J Galea
- May 06, 2016
- Business, Business Strategy, Growing Your Business, Human Behaviour, Knowledge Management, Learning & Development, Organisational Performance, People Management, Performance Improvement, Professional Development
- 0 Comments
Keeping your cards close to your chest guarantees your survival as an individual, right? This idea may have been popular a long time ago but in this age of knowledge and information, it is a big no no.
If you as an individual, a Manager, or an entrepreneur choose to keep your knowledge to yourself, you are essentially slowing down – or even hampering your own and your organisation’s growth and development. If you have employees keeping knowledge from you then it’s even worse.
What happens if these employees want to leave the organisation or if they have an issue with the organisation? Can they effectively hold the organisation at ransom with their knowledge?
Knowledge management is a very wide term and several people define it differently. The main differences come from an exact answer to the question: What exactly is knowledge? Even without this though management in organisations are focusing and investing more and more in it.
Essentially knowledge management is a process that organisations undertake to generate value from the knowledge in and around their organisation. They look both at the knowledge held in their people and the knowledge held outside through their customers.
The ultimate aim is to get this knowledge together and use it throughout the organisation so that the whole organisation will have access to all its knowledge, all the time. Imagine a company where the sales team know all the complaints the company has received and how they were resolved, the sales team could be helped so that the complaints would reduce.
Unfortunately in the age where there is an app for everything many organisations are being fooled into thinking that by simply buying a system all their knowledge problems will be solved, then after spending a hefty amount the project fails because the solution is not the system. A worker can have all the best tools but if they do not have the skill to use them or the training then tools are useless.
In the next article we will discuss what exactly knowledge is and the different types of knowledge.
Market research, sampling, survey methodology, client perception survey, survey data collection, statistical reports, questionnaire construction, data analysis – the jargon goes on and on and on.
What I would suggest to the uninitiated is to simply ignore all of the above and simply ask themselves one thing. What are the important details and the crucial information about their market and their customers which would be vital to have in hand?
It might be these daunting terms and the seemingly insurmountable complexity of surveys that put so many businesspeople off this extremely vital function.
Do not steer your business in the blind. You cannot operate in the dark. Your assumptions are much further from the truth than you believe. No matter how improbable this might sound, the reality is such that the more you know your business perfectly from the inside, the less you know it from the outside.
It is therefore always best to stop guessing and assuming and to collect some real facts and figures.
You can do it all yourself, you can outsource it all, or you could also combine both with a mixed approach. Whichever direction you take it will always serve you well to know the basics.
Start off simply and logically from the beginning and ask yourself the most basic questions.
What would you like to know? Is it who your clients are? In that case your questions will relate to relevant issues such as gender, age, marital status, location of residence, occupation and interests.
You might want to know their purchasing behaviour and ask questions such as how much they spend, how often they buy, how and where they purchase and why, what they look for before buying and even test some of your sales ideas to see if these sound attractive or not.
You could also focus largely on your competitors and inform yourself perfectly of how the market is divided and why. In this case your questions will be based on asking for preferences of suppliers/outlets, brands, product types, pricing and other related issues. This could be given different perspectives. You could ask the customers to quote names themselves, you could ask them to comment upon your pre-established lists, or you could also ask them what each of your selected competitors signify to them and to what they associate each one of them to.
Your survey could also focus on the perception both customers and non-customers have of your business. You could start by asking who and how they heard of you initially, then inquiring about the products they purchase from you and the ones they don’t, their likes and dislikes, their suggested improvements to what you offer and gauge their satisfaction in various aspects and levels.
Many surveys are in fact a mix of all or several of the above. Often surveys are also utilised to obtain customer contact details which are then used directly for marketing purposes. However always keep in mind that people’s time, patience and attention span are very short, so your questionnaire must be brief, or at least look brief. In many cases consumers are offered some form of reward or incentive for completing the survey.
You then need to identify the best channel to run your survey and here again there are many convenient options. If it is a client perception survey where you are targeting your existing clients, then by far the most practical method might be to conduct an in-store/onsite survey, as that is where you can most easily find them. Otherwise you could create an electronic survey via many of the dedicated web sites and forward this via email and other online methods to your contacts. You could create a dedicated area on your web site or Facebook page. You can also conduct telephone surveys and you could engage interviewers to physically interact with consumers, either in public places, or in strategic locations.
The size of your sample base is another decision you will have to make based on practicality and resources. It is obvious that the more data and information you collect the richer and the more precise your data bank will become. In most cases the benchmark of 500 questionnaires is taken as a minimum quantity, but this too depends entirely on the circumstances at hand.
So this leaves us with the analysis of the data collected, which again does not need to be a weird and wonderful science. You can do miracles with a simple Excel spreadsheet.
Create a column for each separate question/reply and enter all the data accordingly. Naturally you can create pop down menus for the answers with set replies to speed up the process of data entry.
Once all the data has been duly entered, you can create different sheets presenting the replies in different formats and each sorted accordingly. Add in your formulas and calculations to indicate totals, subtotals, averages, medians, etc. And you can finish it all nicely by also including any percentages you find of interest. Percentages may be calculated for the same answer within the same column, as in how many of these people purchase product ‘a’, ‘b’ or ‘c’. It may also be calculated across different columns/questions, as in how many people over 40 purchase product ‘a’.
The permutations are endless and you may analyse any data against another, finishing off with figures and proportions of say females, who have heard of you, but who have never purchased from you (non-clients), who shop at competitor x, but who would shop from you if you stocked product ‘y’.
The last and by far the most important factor in all of this is that you do not conduct the survey for nothing. Quite incredulously this is often the case. A survey is commissioned, conducted and analysed and the data sits in someone’s in-box/tray for months on end, until it is filed somewhere in the dark never again to see the light of day.
Conducting a survey is a very good idea. But only if you then read and reflect on the finding and truly use them to adjust your overall business plan, your marketing strategy and your promotions accordingly.
- Mark J Galea
- Feb 24, 2016
- Business, Business Strategy, Financial Services in Malta, Growing Your Business, Malta, Malta Jobs, Malta Recruitment, Management, Organisational Performance, People Management, Performance Improvement, Professional Development, Set-up
- 0 Comments
Advertising many positions on the web, I realised the significance of financial job offers. Wanting to further my knowledges I researched it and you could find my research below. I hope it would be useful.
What are “Financial Services”?
First of all, before digging into the topic, I thought that it is relevant to explain what financial services means. In fact, this term gathers all services offered to consumers and companies from a broad range of organizations such as insurance companies, banks, investment companies. The proposed services include corporate services, financial planning opportunities and money management, as well as providing information.
The financial services has several functions such as enabling exchange of goods and services in the economy, mobilizing savings and transforming risk, just to mention a few purposes.
Malta, thanks to its location in the Mediterranean, is an interesting place for doing business. It became more fruitful since the country became an EU member and has enjoyed the benefits from this market.
How has the financial industry in Malta changed since joining the EU?
Since Malta became an EU member in 2004, Malta has accelerated its growth in all sectors of its financial services industry. Malta’s legal and regulatory framework met EU standards in 2004 which encouraged financial advisors to invest in a strong economy and framework. A few years later Malta adopted the Euro in 2008 and this step has made the financial services sector grow much faster.
The introduction of passporting rights has provided companies the chance to establish branches on the island, and thus many opportunities have opened up between Malta and the EU. In these days, the financial industry benefits from the EU international market of over 500 Million people and 28 countries.
Malta has set an objective to become the European financial centre and has achieved a lot towards that goal.
What has helped the financial market to flourish?
I was wondering how Malta could be so attractive to foreigners’ investors. After some research and questions I was able to highlight several assets. Malta owns a stable macroeconomic environment in which every streetlight are in the green. The current legal situation remains to be focused on attracting investors by the government and the status-quo is maintained. Malta is viewed as a safe country and stable one, which make the country interesting when a CEO is looking to it. The politic system is predictable and extremist parties do not have a place in it. For a financial perspective, the investors like nothing more than predictability continuity, which can be fully offered by Malta.
In January 2015 the minimum wage set up at 720 euro per month which corresponds to 50% of original EU 12 states.
The booming of Malta’s financial centre has happened due to its pro-business attitude, excellent regulation and competitive cost of doing business. The successive Maltese governments have gone about concluding double taxation treaties with 70 countries. This policy encourages trade not only with important trading partners but also with emerging countries.
The location of Malta in the Mediterranean Sea helps the island benefit from the Islamic finance as it has stronger links with North African countries such as Libya, Tunisia and Egypt. Financial companies from these countries who locate their subsidiary in Malta benefit from the EU market and an attractive and efficient tax structures.
Indeed Malta’s labour costs are comparative to the newer EU member states and lower than other established members of EU. Malta labour costs offer greater value for money than two thirds of those in the Western European countries.
What are the consequences on the labour market?
At a glance, the financial service market contributes to GDP up to 13% with more than 10,000 employees. In Malta, the GDP has being increasing at over 3% per annum compared to the EU average of 1.3%.
This growth is not predicted to decrease due to positive actions by the government to encourage the sector to prosper. For instance, the annual expansion of Malta’s financial sector stands at 25% meaning many new positions are appearing into the work market.
Furthermore, ranked the third lowest unemployment rate of the EU with 5.1% -behind Germany and the Czech Republic- Maltese workplace is highly active. For a decade, focus has been made by the government on the academic front. More than 60% of Maltese students are going to further education, although it is an English speaking nation, people are also trained to different professional such as Italian, Arabic, Spanish or French.
With a low unemployment rate, companies and especially HR firms are faced with the shortage of candidates; they have to find highly qualified people to fit their positions. In fact, integrating the EU has facilitated the mobility of EU workers; employers now have access to a much larger pool of workers than before. Actually, to attract further foreign talent Government offers 15% off on flat tax rate to highly qualified persons into key positions within those industries.
Why are professional HR firms better placed at handling this growth?
I interviewed Simon Casolini Operations and Recruitment Manager for Quad Consultancy’s Malta branch in order to further my knowledge about the move appearing in the Financial Service field.
In fact the work market is currently changing, the global rapid growth from the EU’s companies in the Financial Sector in Malta has created a lot of new positions but the pool of candidates isn’t big enough.
Outcomes from my interview
First of all, the sector has seen much more movements than previously, many new positions have emerged and wages have been incressing steadily for the last 3 years. Indeed, applicants are in a stronger position nowadays than they were in the past.
At the same time, the requirements, including experiences and qualifications has been going down due to the scarcity of talent. For example, where companies previously sought candidates with a specific degree and 5 years’ experience, they are now seeking people with a related degree and 3 years’ experience. Companies are reducing their requirements due to a lack of employees.
By reducing requirements, moves have been observed in terms of certifications related to the financial service. In this field, background in banking, accountancy as well as financial compliance is needed by companies without degree; certifications in those fields would be of advantage for candidates.
A good candidate with a moderate experience has now several advantages that applicants had not before. The wages have been going up and applicants have more opportunities within several companies.
Nowadays, employees are exposed to more duties and areas of competence compared to the past when they spent much more time focused on functions in one or two areas. Therefore, they are increasing their employability skills and general responsibilites.
This new trend is interrelated with the growing of Head-hunting. Moving people has become an issue especially because the market is small and people physically know each other and companies provided services.
It is at this stage that the professional Consultant comes into the process. By “professional Consultant”, I mean HR professionals who are able to fit position on behalf of companies. The professional Consultant has various assets such as a great database of candidates which can serve the demand effectively and professionals who are very well connected. Using a reputable HR firms allows companies to save time and money, such as advertising expenses and CV screening.
As the professional Consultant, having a very strong network of valid candidates, knowledge of their background and professional expectations is a great benefit. HR firms are able to offer an efficient and effective way of helping the client to find perfect fit, and providing their manpower needs.
They make sure the candidate understands what the company is looking for, going deeper than just the job description, giving them the background required about the company and ensuring that they have the right cultural fit. Therefore candidates are better prepared, and both of candidates and clients are reducing the risk.
- Mark J Galea
- Nov 05, 2015
- Branding, Business, Customer Engagement, Employee Engagement, Growing Your Business, Malta Jobs, Malta Recruitment, Management, Marketing, Organisational Performance, Quad Malta
- 0 Comments
The Commercial Courier is the official business magazine of the Malta Chamber of Commerce, Enterprise and Industry.
This month’s issue carries an interview with our Managing Director in Malta who talks about the company’s successful journey as it celebrates its 5th anniversary.
The name of your business, project, shop, outlet, website, trading name or venture is not only extremely important, but if you want to isolate any one single feature, then it may probably be considered as the most important of all.
It is what defines you, what you are known as, how people remember you and what creates the mental image projected into people’s mind.
Let us look at some fictitious examples. Compare restaurants called :
Joe’s Diner, Linda’s Eatery, Mamma’s Meals
as opposed to :
Le Grand Canard, Heat & Eat, Aqua
I just made all these names up, but the difference is immediately apparent. While the first set evokes very informal, casual if not clumsy dining, the second immediately summons up much grandeur visions.
Let us try the same with imaginary accommodation properties :
In ‘n Out, The Friendly Lodge, Cathy’s Cottage
as opposed to :
The Cunningham, Grand Golf Hotel, Clifton Lord’s Palace
Again these are all bogus names simply created to highlight how significant a name can be. And the same applies to absolutely any type of business. I purposely chose restaurants and hotels as these should be easily understandable to everyone.
Your choice of name will make an enormous difference in the overall success of your business. If you don’t accord total attention and thought towards it, then you are really starting off in the wrong direction.
So what are the basics about selecting the right choice of names? There are many pointers which can effectively lead you in the right direction. Like most other things, it may sound like a fairly complex process, but then again most things in life tend to be that way. Following these methods will however put you on the right track.
The name is your very first and most powerful marketing tool, so use it fully to your favour. Start off by asking yourself what your customers will search for and what they want to hear.
To continue using the above examples for simplicity’s sake, is it cheap and cheerful and homely and informal that you are offering, or is it chic and classy and stately? Do you want to project yourself as a quick bite when you’re hungry and don’t feel like cooking at home, or your special night out on that most special of occasions in the best of venues? Are you the local inn offering the most inexpensive accommodation for budget travellers, or aspiring to be the best hotel in town for visiting dignitaries and for the jet set?
This reasoning may be replicated to any form of business and without going to such obvious extremes, no matter the line of business and the positioning, your name should strongly represent the image you are trying to portray.
Clients are strongly influenced by a name and much of their choice of provider will be based on this one factor. Let us not forget that in today’s information age we are all swamped with options and what is the very first, and often the only, thing that comes up? The name!
When searching online and elsewhere, we always start off by a list of names, some of which inspire us to look into and others which we are happy to skip and overlook. So the very first rule is to be true to your image and audience. Try to find the best name which evokes what you are really all about and which will instantly attract your desired audience.
The name should be catchy and appealing, it should be memorable and strongly tied to who and what you are. So reflect well on each word in the name, which should all clearly lead the viewer to exactly who you want to be.
Names which are too complicated or ‘clever’, those which are ambiguous and also introspective, referring to matters which few besides yourself can understand, are simply not a good idea. So catchy and interesting yes, but complex and obscure definitely not.
If you are appealing to an international audience then this must definitely also be taken into consideration. Be extremely careful to check the meaning of similar and similar sounding words in the languages of your target audiences. Choose words which are easily understandable and more so easily pronounced in their languages. If you are aiming at a wide international audience then ensure that you name is as cosmopolitan as possible and not showing a marked penchant towards any nationality. Try to use global, easy sounding words, of which many exist.
Many theories abound about the advantages of long or short names, about abbreviations, about personal names within a business’s name. In my opinion all of this depends entirely on each specific case and to generalise would therefore be risky.
What I believe should also be kept in mind is that originality can be very useful if you want to be labelled as different and avant-garde, while conventional sounding names are better if you want to portray tradition and conformity. If you want to strongly distinguish yourself from existing competitors, then go for a strikingly different type of name to theirs. If on the other hand you want to ride their wave then find a name which can be easily confused with theirs, or at least directly associated.
Back in the old days when it was all about directories and listings, it was always strongly recommended to have an alphabetically advantageous name, ideally starting with an ‘a” or even a number, for very obvious reasons. Entire studies were conducted to prove that enquirers would simply scroll through the first few names and send out requests, or even purchase directly from these, without ever bothering to look any further down the list. This reasoning is exactly in line with being on the first page of Google upon a given search. This reasoning may have understandably waned over the years, however I am still a keen supporter of the concept that if you had to choose between two shortlisted favourites, then definitely go for the first one alphabetically.
Give your name a lot of importance and a lot of thought. For it is also something you will hardly ever be able to chance.
About The Author
After having created and directed a wide ranging number of businesses in various service industries, Alexander now dedicates much of his time advising others on how to succeed in their business.
He also spends as much time as possible doing what he enjoys best – writing.
- Mark J Galea
- Oct 23, 2015
- Academy for Chief Executives, Business, Growing Your Business, Human Behaviour, Interpersonal Skills, Learning & Development, Management, Organisational Performance, People Management, Performance Improvement, Professional Development
- 0 Comments
There is old saying that always stays current: People Trump Strategy. In fact, people often trump processes, procedures, and methodologies. It is not that these other things are not important, it is that their effectiveness or ineffectiveness is driven by the people executing the processes, procedures, and methodologies. You don’t really say: “That process let me down!”…you say; “That person let me down!.
CHANGE is really 80% PEOPLE and 20% the rest…if we use the traditional 80/20 rule.
To drive successful CHANGE, it is often about getting The Right People at the Table; and there are two outcomes that successful leaders invest more focused time to create than others.
- Quality of the Output from the Meeting
(Driven by the quality of the discussion and that is from the quality of the people)
- Quality of the Influence after the Meeting
(Driven by the attendees’ ability to influence others to take action on the output)
These two outcomes determine who needs to be there, and if the right people are not there; the perceived quality of the output of the meeting is always suspect.
Consider this situation:
You have a meeting on the change, and another department only provides you someone that is available; and not their best person (knowledgeable and with influence both inside and outside his/her department). Now the key questions…
- When others see this person attending the meeting, do they feel this meeting is important? Probably not.
- What will others feel about the decisions/solutions coming out of the meeting? They would probably have low expectations given the person who is attending.
- When this person goes back to his/her department, do you feel anyone will be listening to him or her? Again, probably not, because they do not have the respect from their peers. They were just available!
As you can see, the people you get to your tables (the meetings) have an impact on the quality of the meeting before a word is even said, and then any influence on the results after the meeting too.
There are three key habits I have seen in leaders who get The Right People at the Right Tables, and if you practice these two habits; you will have more success getting the right people to your tables.
Frame Meetings to Achieve, not to Discuss
How many times have you been invited to a meeting with this phrase: We need a meeting to discuss… Probably all the time, and now here is a great question: Is discussion an activity or an outcome? Right, it’s an activity, and this is why these meetings you are attending are wasting your time.
When you frame the meeting as a discussion, what do you get more of? Discussion! Also, you often get people talking not because they have something useful to say, but because they just like the sound of their own voice!
If you want to run more successful meetings, you need to frame the meeting as an OUTCOME, not as an activity. You need a meeting to ACHIEVE.
From a leadership perspective, the majority of your meetings only have three outcomes…because you need:
1. ACTION You want progress, and people owning their Action.
2. DECISION You need a Decision that enables more action.
3. ALIGNMENT You want Alignment that drives teamwork and more effective action.
Next time, don’t frame your meetings as an activity (to discuss), but as an outcome (to ACHIEVE)…and more of the right people will want to come to your table.
Build the Key Relationships Before You Need Them
If you remember the story about Noah from the bible, did Noah start building the ark before it started raining or after it started raining? Before, right? You need to build your key relationships before you need them. In getting the right people around the right tables, it often comes down to the quality of your relationships with other key stakeholders. When you have built strong relationships, you then have more influence in getting the right people from their organizations to come to your meetings.
To gain that key influence with others, you start by wanting others to listen and engage with you, and that means starting with them (not your) and using:
…their Door: You enter the door of what they are most interested in (their self interests), and then wrap what you want within what they want. This has them wanting to listen. How many times do you instantly switch off at the start of a conversation when others begin by talking about only what they want!
…and then on their floor: You focus the conversation on the level of details that they are most interested in discussing. This has them wanting to engage with you because you are having the conversation at their level of interest. If you are a leader, you have probably experienced this…your people come to you and want to tell you all the details before getting to the point! They say that a leader’s maximum patience is about 90 seconds in this situation. If you want more influence with others…enter their Door (so they listen) and discuss on their Floor (so they engage). Also, teach your people this and they will package their conversations with you in more concise ways.
Choose People Who Can Both Contribute and Influence
There are many leaders who look at the organization chart in determining who they need to be at their meeting representing that department or area of the company. However, the most successful leaders never think in terms of represent. They think in terms of contribution and influence.
The Right People you need at all the tables are the people who can contribute the most towards gaining the best decisions and solutions, and who can then go away and influence others within their own areas and organizations across the company. It is might be difficult to gain both of these in the same individual and therefore you will then need to invite two people to gain the impact your need both in the meeting and after the meeting. Far too many managers think of the meeting only, and not about the impact after the meeting (when the action is needed and has to be reinforced with others).
Lastly, there are two feelings that fuel people to support the decisions in meetings and to take the necessary actions after the meetings. They are:
It’s Worth It and I Can Do It.
These two feelings are what drive people to sustain the right mindset and keep taking action.
It’s Worth It (They ask themselves…What’s in it for me?)
People need to feel that it is personally worth it to them? Far too often you share why it is worth it to the company, but real change happens at a personal level. A company change is simply the collection of enough personal changes. That’s why people who are great at driving change are also great at adapting their communications…because that’s the way to make it personal to others.
I Can Do It (They ask themselves…Can I handle the conflict?)
This is a confidence and character issue. Decisions often require doing something different and differences drive conflict. Most people don’t change because they feel they are not able to effectively deal with the conflicts they will have with others. They say that people rise in organizations to the level they can deal with the conflict that comes with the role.
Therefore, next time you need to get The Right People at the Table, consider these:
Quality of the Output from the Meeting
Quality of the Influence after the Meeting
Three KEY HABITS
Frame Meetings to Achieve, not to Discuss
Build the Key Relationships Before You Need Them
Choose People Who Can Both Contribute and Influence
It’s Worth It
I Can Do It.
When you focus on these two outcomes, three key habits and two feelings, you will get more of The Right People at the Table….and GAIN you more influence and more achievement.
About The Author
Mark Fritz is an “International”, having lived and worked across the world (Singapore, Egypt, Netherlands, Italy, Japan, UK and the USA), and lives in London with his Japanese wife and their cat Smokey. His international career included leading enterprise systems implementations, leading international operations, and also coordinating business model development and changes. Mark understands how to lead CHANGE and to get your people to OWN IT!
- Mark J Galea
- Sep 16, 2015
- Business, Growing Your Business, Human Behaviour, Learning & Development, Management, Motivation, News, Organisational Performance, People Management, Performance Improvement, Professional Development
- 0 Comments
In just 12 days, over 500 people have made use of our new service: a daily e-paper that is packed with information related to personal development, tech news, business & finance, art & entertainment, and other interesting topics.
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We come across two tribes of people in the business world. The Do-ers who do what they say or agreed to do. And the Talk-ers, who do not.
We know where we are with the Do-ers. They like responsibility and are fulfilled by getting things done and pleasing us. Once we’ve delegated, it’s out of our head and into theirs. Organisations and relationships thrive with Do-ers.
Talkers say, with sincerity, `leave it with me` but quickly forget what it was we left. They pretend to make notes. They make excuses for letting us down and ask for deadlines to be extended, often more than once. In short, they over-promise and under-deliver. Organisations and relationships can be destroyed by the Talk-ers.
Which tribe would you prefer on your team?
About the Author
Andrew Morris is Chief Executive of the Academy for Chief Executives, helping businesses to accelerate growth through better leadership. Andrew describes himself as a creative businessman, who enjoys meeting people from all facets of life. His mantra is ‘take your job seriously, but not yourself.’
Andrew describes himself as a creative businessman, who enjoys meeting people from all facets of life. His mantra is ‘take your job seriously, but not yourself.’
As businesses become more focused on delivering what they’re good at, the concept of outsourcing services to specialised providers is on the rise. While the cost of outsourcing a service may seem unnecessary at a first glance, it is easy to understand why businesses see this as a long-term investment.
Through their own experience, businesses found out that it pays them more to focus their energy to research, study, focus, and deliver the products or services that they’re good at, rather than running multiple “mini” operations from within thus giving rise to issues that end up being a distraction rather than added value.
It is precisely for this reason that the outsourcing of payroll is on the rise. It is extremely important to deliver employees’ salaries accurately and on time. If this is achieved, then payroll becomes invisible, but the very instance when employees lose trust in the payroll process, this becomes a really huge and sometimes insurmountable issue. Believe me, in one of my previous jobs I have experienced the latter, and I can confirm that it is very difficult for an organisation to recover from a situation where its employees lose trust in its payroll department. Especially when they end up thinking that this is being done deliberately by the organisation as a means to cut its payroll cost.
As the number of companies that are outsourcing their payroll service is on the rise, they must see some benefits in doing so. These are some of the benefits yielded by their decision to outsource payroll.
- Productivity – Payroll processing is time-consuming. With this burden removed, teams can focus on doing more productive things that have a direct impact on the organisation’s cope operation. So, rather than running a number of mini ancillary operations internally, a number of businesses prefer to just focus on what they should be doing, and what they’re good at
- Lean – With businesses “trimming the fat”, many have realised that it’s actually better to outsource services to providers who have the necessary expertise and infrastructure, rather than to set up a mini infrastructure in-house. When you add on the additional burden that one needs to strive to attract and maintain expertise, the whole process becomes even more taxing on the organisation’s energies
- Cost – It is generally more cost effective to outsource the service than to employ a reliable payroll clerk (salaries are reasonably high for payroll specialists), invest in a payroll software system, pay for service updates and maintenance
- Focus – Business owners, especially SMEs, are so focussed on the regulatory processes of their core business, that they tend to lose sight of new employment regulations that come into force from time to time. This may give rise to actions that, if challenged in a tribunal, may lead to hefty fines and bad branding through suspicion of intentional wrongdoing
- Accuracy – A business is likely to enjoy a more reliable payroll service if this is delivered by an experienced specialist, than if this is being performed as an additional task by an employee
- Continuity – With an outsourced payroll service, a business will not affected by leave of absence, sick leave, or resignations. If, on the other hand, an in-house payroll specialist leaves the organisation, the whole process together with its reliability, efficiency and accuracy is in jeopardy
- Accountability – In case of irregularities (no matter how genuine the mistake), it is the payroll service provider’s responsibility to make things right. On the other hand, if payroll is handled in-house, it is that business that has to deal with the tax authorities thus resulting in a considerable opportunity cost
- Confidentiality – Leaks about people’s salary are not a rarity in organisations. If, on the other hand, someone somewhere is processing the payroll remotely while only being in touch with only one or two business liaisons, it is more likely that this sensitive information is contained and therefore confidentiality is ensured
Generally speaking, these are some of the advantages of outsourcing payroll. Indeed, every company has its own needs and circumstances; yet productivity, cost efficiency and employee engagement are common factors that have a direct impact on the success of any organisation. No matter how big or small.